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Full-Text Articles in Banking and Finance Law
Dodd-Frank, International Remittances, And Mobile Banking: The Federal Reserve’S Role In Enabling International Economic Development, Colin C. Richard
Dodd-Frank, International Remittances, And Mobile Banking: The Federal Reserve’S Role In Enabling International Economic Development, Colin C. Richard
NULR Online
International remittances—"cross-border person-to-person payments of relatively low value" sent primarily by international migrants to family members in developing countries—alleviate poverty, support entrepreneurship, and foster the development of financial systems. Until recently, aside from prohibitions on financial interactions with countries such as Cuba or Burma, U.S. regulators have only indirectly addressed these monetary transfers. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) changes this, providing direct, substantive regulation of the industry for the first time. Dodd-Frank calls on the Board of Governors of the Federal Reserve System (Board) to craft more than a dozen regulations to enforce Dodd-Frank's remittance …